Gold prices are staying over the psychological level $1,200 an ounce, slightly pulling back from the two and a half months high hit yesterday.
U.S. employers increased their hiring last month, adding a healthy 227,000 jobs which made Americans starting to look for work which is a sign the U.S. President Donald Trump has inherited a robust job market.
The proportion of adults who are either working or looking for work reached its highest point since September.
David Axelrod, the Senior Advisor of the former President Barack Obama, tweeted “The month BarackObama took over, U.S. was losing 800k jobs. On his last month, U.S. GAINED 227k-a record 76th STRAIGHT MONTH of jobs growth.”
Trump promised to bring jobs back to the United States and accelerate the country’s economic growth.
He has already been in clashes with the car market to create jobs in the U.S. by manufacturing in the country instead of elsewhere, threatens to raise taxes on non-American made cars if they did not abide.
January’s job gain is the best since September, it exceeded last year’s average monthly gain of 187,000, the Labor Department said Friday.
The unemployment rate rose to 4.8 percent from 4.7 percent in December which is still low.
Employment in construction rose by 36,000 in January and healthcare saw an 18,000 increase, adding 374,000 jobs in the past 12 months.
December’s figures were revised downward to 164,000 from 204,000 while November’s now sit at 157,000.
Over the year, average hourly earnings have risen by 2.5 percent.
A better-than-expected U.S. hobs report did not impact the marketplace much.
The gold market fell slightly overnight, April Comex gold was last down $3.10 an ounce at $1,216.30.
March Comex silver was last down $0.034 at $17.395 an ounce.